Hancock Fabrics Going Out Of Business, Closing 4 Indiana Stores

Mississippi-based Hancock Fabrics is going out of business, shutting down its four Indiana stores and nearly 200 more.

The fabric and crafts retailer filed for bankruptcy in February, but no company came forward to buy its $280 million in retail assets.

Hancock Fabrics' Indianapolis, Carmel, Fort Wayne and Clarksville locations will hold clearance sales over the next few months before closing down. They employ about 40 people total.

Hancock has many other Midwest stores, too, including eight across Chicago, Cincinnati and Louisville. The company will lay off about 4,500 people nationwide.

Wendy Dant Chesser heads the One Southern Indiana Chamber of Commerce. She says she hopes the Clarksville property won't be vacant for long.

"However, the situation is still very real to those families," she says. "What we hope to do is to find not only a way to fill the storefront, but wouldn't it be nice to continue to provide that type of service and that need in our local communities?

But Chesser notes there's not as much need these days for bulk fabrics -- or people trained to sell them.

"The American consumer has become more convenience-oriented," she says. "The idea of taking the time to make our own apparel is ... not something that we normally think to do."

She says it shows that businesses need to adapt to new markets as times change.